A Portfolio Career has become more of a common phenomenon over the last decade or so, especially since many younger people start of their working lives with ‘side hustles’.
So, whilst the idea of a portfolio career is currently quite a leap for some people. As the current generations grow up they will probably become something of the norm.
What is meant by a Portfolio Career?
The term refers to a ‘work’ arrangement where an individual had multiple part-time or freelance roles simultaneously, instead of one full-time role with a single employer. The word ‘career’ can be a little misleading here because there can often be an element of altruism and a desire to give back to society included in the mix.
Basically, any mix of entrepreneurial work (freelance, consultancy, contracting, business start-up), traditional work but usually part-time to allow for a small regular income; and then other commitments in the mix as required. Sometimes when I explain Portfolio Careers I use the term ‘several different comments’ because it doesn’t refer to things you might want to do on a whim, but rather things you have agreed to do regularly.
If you are thinking about a Portfolio career you will probably have:
Multiple income streams:
These can come from anywhere and in completely different ways. For example, some people may choose the active life of teaching scuba diving in the summer and being a skiing coach in the summer winter seasons. This would more than likely be either on a contract basis to start off with and then may develop into a business with private clients. The more entrepreneurial may well include an online, media based, element to this as well.
Others may combine other things like freelance teaching, consulting, speaking engagements, invigilating (during exam season),
Because finances are always important many people will not consider changing to a portfolio career in the middle of their working life because they have regular commitments. However, don’t let this stop you, you should just plan well.
Many of my clients start of by going part-time with a regular job so they feel they can spread the risk and work up to a truly great mix of activities.
For an idea of the amazing variety of opportunities that you have probably never thought of see this post
Transferable Skills
We all possess a diverse set of skills and expertise and to have a successful portfolio career you will need to be very self-aware and understand how to leverage your multifaceted talents to pursue different roles or projects. You will then be able to adapt to changing market demands and explore new opportunities whenever they arise.
Adaptability and confidence
As you will have a far greater flexibility of what you do and, to a degree, when you do it. This choice of careers is wonderful for work/life balance. However, it does require that you are able to be self-disciplined and organised. You will also need to adapt to a more flexible schedule and possibly be able to multi-task. This is a great choice if you love working autonomously and value freedom and independence.
Professionalism
I referred to being organised above, but you must also have a professional attitude. This not only means when you are doing the fun things, but you are your own boss to a point and must be self-motivated enough to overcome hurdles like marketing, sorting out your tax, or learning new software, processes, or regulations etc.
An Active Network
Networking and relationship building is a must when you are starting out with a portfolio career. When you are able to share your thoughts and ideas with your networks, they are likely to be a gold-mine when it comes to opportunities and connections. Networking is such an important skill that I recommend everyone thinking about career change should learn about it and incorporate it into daily routines.
Resilience and Mindfulness
I have already mentioned the need to be adaptable and with that comes the responsibility to yourself. When you are working in several different work landscapes each one may be changing in different ways and you need to be able to role with the changes, learn quickly and overcome challenges. Being mindful of how you are coping, what is working and what needs to be rethought, will ensure you are supporting yourself emotionally and physically as well as managing the challenges. See post on Mindset Matters
Live A Wholehearted Lifestyle
Over lock-down many of us learned new things or started to revisit hobbies. Some these may now be able to translate into some form or work for you – this is so much easier because of the way AI and the internet have opened new markets to us. In this way you may find, with a little creativity and a lot of networking, you can combine your passions and values with your professionalism. This will ultimately lead to a greater sense of fulfilment and satisfaction.
This is not necessarily the right choice for everyone. You need to enjoy a challenge, be a good networker, be organised and determined and very self-disciplined. It is also helpful if you do not have the pressure of lots of financial responsibilities when you are embarking on this route.
If you would like to discuss this further, please contact me